Countrys’ Banks Are at Risk of Cyber Attacks: BB

Banks and non-banking financial institutions (NBFIs) have lately been warned by Bangladesh Bank that they are vulnerable to cyberattacks and encouraged to take precautions against malware and virus assaults. 

The major concerns were determined to be malware like the banking Trojan TrickBot, which can steal personal information, account credentials, and financial information.

The central bank requested banks and NBFIs to implement cyber security practices in a letter dated July 10. These practices include regular ICT system patch updates, the use of licensed software and other solutions, regular penetration tests to identify weak points in sensitive systems, constant monitoring, and storage backup.

The central bank also asked banks and NBFIs to notify of any recent incidents of malware attacks and the actions taken by July 13. 

By July 20, it also demanded a thorough description of the defenses against cyberattacks, both proactive and defensive.

Following a malware attack on Bangladesh Krishi Bank's server last month, the central bank sent the letter. 

More than 170 GB of important data was stolen from the state bank's systems by the ransomware organization ALPHV, commonly known as BlackCat.

The intrusion went unnoticed for 12 days, giving the hackers plenty of opportunity to review internal records and take crucial data without being caught.

The government organization in charge of upholding the nation's cyber security, BGD e-GOV CIRT, has recorded about 5,576 cyber incidents since 2016.